Reliance Power Ltd said on Saturday that Ashok Pal has demitted his office as Executive Director and CFO with immediate effect.
The decision comes after the Enforcement Directorate (ED) took him into custody in connection with a case involving a fake bank guarantee and forged financial documents.
Special Judge Grants Two Days' Custody of Ashok Pal to Enforcement Directorate for Further Investigation
The Special Judge Kiran Gupta granted the ED two days’ custody of Ashok Kumar Pal, directing him to be produced in the Patiala House Court on Monday, October 13 at 12 noon. The ED had initially sought five days’ custody of Pal. During the hearing, Advocate Vijay Agarwal, representing Pal, filed an application claiming that the arrest was illegal, arguing that prior court permission was not obtained before the arrest, contrary to legal procedures.
The court, after reviewing the application, allowed the ED limited custody until October 13, permitting daily confidential meetings between Pal and his advocate, and instructed the ED to provide medical prescriptions, if required, during custody.
Ashok Pal Arrested by ED in Connection with Fake Bank Guarantee and Alleged Fund Diversion
Officials revealed that Ashok Pal, as CFO of Reliance Power, played a key role in the alleged diversion of company funds and submission of forged financial documents. The investigation centres on a fraudulent bank guarantee of over Rs 68 crore submitted to the Solar Energy Corporation of India (SECI) for a Battery Energy Storage System (BESS) tender.
Pal, empowered by a board resolution to finalise and approve documents on behalf of Reliance Power, allegedly submitted a bogus bank guarantee issued in the name of "FirstRand Bank, Manila, Philippines", a location where the bank has no operational branch.
Investigation Reveals Use of Fake Invoices and Digital Channels to Facilitate Fraud
The ED also alleged that Pal approved fake transport invoices worth several crores to facilitate fund diversion. Payments and document approvals were reportedly managed via Telegram and WhatsApp, bypassing Reliance Power’s official SAP and vendor systems.
Investigators found that Pal relied on a fake bank guarantee racket using spoofed email domains resembling major Indian banks, such as "s-bi.co.in" instead of the genuine "sbi.co.in". Similar domains were used to impersonate Indian Bank, IndusInd Bank, and Punjab National Bank.
ED Confirms Ashok Pal Part of Broader Criminal Conspiracy Involving Forged Instruments
Officials said Pal’s actions form part of a wider criminal conspiracy involving forged instruments and fraudulent communication channels aimed at cheating public institutions and misappropriating funds from a publicly listed company. The ED’s investigation also points to the involvement of Biswal Tradelink Pvt. Ltd, whose director, Partha Sarathi Biswal, is already in judicial custody for assisting in the forged document.
Ashok Pal to Be Produced in Court as ED Continues Investigation into Fake Bank Guarantee Case
Ashok Pal will be produced before the Patiala House Court on Monday, October 13, as the ED continues its probe into the alleged fake bank guarantee and fund diversion. Meanwhile, Reliance Power Ltd has announced his immediate resignation from all executive roles, signalling a major development in one of the high-profile corporate financial cases in India.
Inputs from agencies
The decision comes after the Enforcement Directorate (ED) took him into custody in connection with a case involving a fake bank guarantee and forged financial documents.
Special Judge Grants Two Days' Custody of Ashok Pal to Enforcement Directorate for Further Investigation
The Special Judge Kiran Gupta granted the ED two days’ custody of Ashok Kumar Pal, directing him to be produced in the Patiala House Court on Monday, October 13 at 12 noon. The ED had initially sought five days’ custody of Pal. During the hearing, Advocate Vijay Agarwal, representing Pal, filed an application claiming that the arrest was illegal, arguing that prior court permission was not obtained before the arrest, contrary to legal procedures.
The court, after reviewing the application, allowed the ED limited custody until October 13, permitting daily confidential meetings between Pal and his advocate, and instructed the ED to provide medical prescriptions, if required, during custody.
Ashok Pal Arrested by ED in Connection with Fake Bank Guarantee and Alleged Fund Diversion
Officials revealed that Ashok Pal, as CFO of Reliance Power, played a key role in the alleged diversion of company funds and submission of forged financial documents. The investigation centres on a fraudulent bank guarantee of over Rs 68 crore submitted to the Solar Energy Corporation of India (SECI) for a Battery Energy Storage System (BESS) tender.
Pal, empowered by a board resolution to finalise and approve documents on behalf of Reliance Power, allegedly submitted a bogus bank guarantee issued in the name of "FirstRand Bank, Manila, Philippines", a location where the bank has no operational branch.
Investigation Reveals Use of Fake Invoices and Digital Channels to Facilitate Fraud
The ED also alleged that Pal approved fake transport invoices worth several crores to facilitate fund diversion. Payments and document approvals were reportedly managed via Telegram and WhatsApp, bypassing Reliance Power’s official SAP and vendor systems.
Investigators found that Pal relied on a fake bank guarantee racket using spoofed email domains resembling major Indian banks, such as "s-bi.co.in" instead of the genuine "sbi.co.in". Similar domains were used to impersonate Indian Bank, IndusInd Bank, and Punjab National Bank.
ED Confirms Ashok Pal Part of Broader Criminal Conspiracy Involving Forged Instruments
Officials said Pal’s actions form part of a wider criminal conspiracy involving forged instruments and fraudulent communication channels aimed at cheating public institutions and misappropriating funds from a publicly listed company. The ED’s investigation also points to the involvement of Biswal Tradelink Pvt. Ltd, whose director, Partha Sarathi Biswal, is already in judicial custody for assisting in the forged document.
Ashok Pal to Be Produced in Court as ED Continues Investigation into Fake Bank Guarantee Case
Ashok Pal will be produced before the Patiala House Court on Monday, October 13, as the ED continues its probe into the alleged fake bank guarantee and fund diversion. Meanwhile, Reliance Power Ltd has announced his immediate resignation from all executive roles, signalling a major development in one of the high-profile corporate financial cases in India.
Inputs from agencies
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